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5 Cards in this Set
- Front
- Back
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Summarize the Accounting Process
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Analyze Transactions
Record transaction Post Transaction |
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What is the Accounting Equation
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Asset = Liabilities + Owner Equity
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Received cash from owner as an investment
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Debit Cash
Credit Capital Account |
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Paid cash for supplies
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Debit Supplies
Credit Cash |
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Brought supplies on account
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Debit Supplies
Credit Account Payable |
